Sale of Kumho Shares Will Have 'No Effect' on USA Business
Some of Kumho Tire Co.'s creditors are planning to sell their shares of the Korean tire maker, but the company says it does not expect the transactions to affect Kumho's operations in the U.S.
Kumho provided this statement to Modern Tire Dealer:
"The Korea Development Bank and other creditors will be looking to sell off their shares of Kumho Tire Co. this week.
"The investment bank will look to acquire a legal advisory team to handle the sale of the shares.
"Sam-Goo Park, chairman of the Kumho Asiana Group, will be claiming his priority right to purchase the shares once the official sale begins.
"Since the Kumho Asiana Group will purchase the shares being sold, there will be no effect on Kumho USA and its operations."